Howard Lutnick: The New Face of US Trade Policy?

Howard Lutnick, a prominent financier and CEO of Cantor Fitzgerald, has been confirmed as the new commerce secretary under President Trump. He will focus on enforcing Trump's contentious tariff policies, despite criticism from economists. Lutnick previously led Cantor Fitzgerald through the aftermath of the 9/11 attacks.

In a significant political move, Howard Lutnick, a wealthy financier and former CEO of Cantor Fitzgerald, has been confirmed by the Senate as the new U.S. Commerce Secretary. Lutnick is expected to play a pivotal role in implementing President Trump's aggressive trade policies, particularly through the imposition of tariffs on numerous trading partners.

Despite mainstream economists warning against the potential inflationary consequences of tariffs, Lutnick supports employing them as leverage to negotiate better terms for American exports. This mirrors Trump's hardline stance on trade, including plans for 'reciprocal' tariffs that aim to equalize import taxes imposed by other nations.

The former investment firm CEO's confirmation comes following his leadership through the aftermath of the September 11 attacks, which devastated Cantor Fitzgerald. Lutnick's appointment adds a complex dynamic to U.S. trade policy, amid plans to raise import taxes on countries like China, Canada, and Mexico.

(With inputs from agencies.)